Okay, I am a Realtor...what did you expect me to say, right! In actuality, it is a buyers market. There are more homes on the market than there are qualified buyers. I say qualified buyers, because the buyers are there to make it a sellers market again...but it is harder to get a loan, so their are more sellers on the market still. I believe we are heading towards an equilibrium between a buyer and sellers market.
Yes. I believe we hit bottom about a year ago. We are seeing inventory levels decline, therefore driving prices up. More people are buying, and we are seeing mulitple offers on some of the REO and short sales.
I do not believe we will see another boom for a while. But what we will see is a return of a healthy real estate market. Gradual, predicatble & steady value increases in our property.
I do believe we will see a bit of a "jump" in prices as the pent up demand hits the market. Many buyers have been waiting for the market to bottom out before they bought a new home, in fear that their new purchase would lose value. On the other side, many sellers have been waiting until the market showed signs of a recovery before listing their property.